What is the fourth party payment? What is the difference and connection with third-party payment?

1. The so-called "fourth-party payment" platform refers to the payment channels illegally built by a large number of registered merchants or individual accounts relying on regular third-party payment platforms such as Alipay and Tenpay without obtaining the national payment and settlement license, which violates the national payment and settlement system.

Because the "fourth-party payment" platform has no payment license, it is set up by individuals, and the security of funds is not guaranteed. The broad masses of people engaged in internet financial activities should look for a legal and compliant online payment platform and beware of being deceived.

2. Third-party payment refers to an independent institution with certain strength and credit guarantee, which provides convenience for the transactions of both parties through docking or networking with UnionPay.

In the third-party payment mode, after purchasing goods, the buyer uses the account provided by the third-party platform to pay for the goods (to the third party), and the third party informs the seller that the goods have arrived and requests delivery; The buyer will notify the third party to pay after receiving the goods and confirming the inspection; Then the third party transfers the money to the seller's account.

3, the difference between the two:

① Fourth-party payment is an extension of third-party payment platform services. The third-party payment is between the bank and the merchant, and the fourth-party payment is between the third-party payment and the merchant. There is no restriction on the payment license.

② Fourth-party payment integrates the interfaces of various third-party payment platforms/cooperative banks/cooperative telecom operators/other service providers, integrates the advantages of various third-party payment and various payment channels, and can be customized according to the needs of merchants, forming complementary advantages of payment channel resources to meet the needs of merchants.

③ Fourth-party payment is a payment service integrator, which is flexible and convenient, and is a supplement to payment services. Moreover, the fourth-party payment has the advantage of neutrality, which can reconcile the malicious competition of mainstream payment institutions and ensure the healthy development of the payment industry.

Tips: The above information is for reference only.

Reply time: 2021-1-10. Please refer to the latest business changes announced by Ping An Bank in official website.